Update on non-Performing Loans
At the end of last week there were inside discussions about the nonperforming loan market including a rumor that the FDIC might be offering for auction a $1.4 billion package of troubled whole loans, including some FHA product. As one nonperforming loan investor said, “They have a bunch of that crap to sell.” Bank of America has been quietly disposing of some of its troubled whole loans (which likely came from Countrywide) by selling them to two different hedge funds, one of those hedge Funds is Waterfall. (At least $2 billion may’ve been sold.)
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